Common use of Loan Offset Clause in Contracts

Loan Offset. Subject to the terms and conditions of this Agreement and in reliance on the representations, warranties and covenants herein set forth, effective immediately prior to the closing of the SPAC Transaction, the Company hereby agrees to offset an applicable portion of the after-tax value of the Transaction Bonus against the Outstanding Amount, including any unpaid interest owed thereon, as of one day immediately prior to the closing of the SPAC Transaction (the “Loan Offset”).